Novartis to Buy Avidity Biosciences for $12 Billion to Expand RNA-Based Drug Pipeline

Swiss pharmaceutical giant Novartis AG said on Oct. 26 it will acquire Avidity Biosciences Inc. for about $12 billion in cash, expanding its late-stage pipeline of RNA-based drugs for rare neuromuscular diseases.

Avidity stockholders will receive $72 per share in cash, representing a 46 percent premium to the company’s closing on Oct. 24.